Is there a requirement for earnest money when you make an offer on property through a realtor that is on MLS listing? If so, How much?
I don’t think there is any requirement but I always give $500 for the MLS stuff.
I agree with Hooch. Maybe 1% rule of thumb. One thing to consider is this, the more you put up front, the more serious you look. Herbster
yes you do have to put up earnest money on a mls listing between $500-$1000 its cheaper with a private seller
Yeap i agree on the $500 down payment and with a private seller I was always able to get by with ten dollars to 100 dollars.
Some banks want $2000 earnest money for REOs.
Doesn’t it amaze you how banks just run all over the average Joe? We give them BILLIONS if not TRILLIONS of dollars in bailout and they come back and say more REO money down, NO home equity loans if the property you are getting it on is investment property even if you have it completely paid for and the loan is heavily secured, No we will not allow lenders to have a maximum of 10 loans anymore, it now will be 4, etc, etc, etc.
Dirty rascals they are. We will NEVER be able to pay them back in our lifetime for the bailouts we gave them and this is how they repay us?
I agree they are a bunch of ungrateful greedy rascals. Investors can help these banks out a bunch if they were flexible such as eliminating these no assignment clauses and stop asking for so much EMD.
I would love to see the Due on Sale clause gone. That’s one that really freaks me out. They aren’t calling them now because of the low interest rates but being a landlord, I’m not flipping but am in for the long haul. Down the road when interest rates are through the roof they will be calling those loans like crazy.
“I agree they are a bunch of ungrateful greedy rascals. Investors can help these banks out a bunch if they were flexible such as eliminating these no assignment clauses and stop asking for so much EMD.”
“Doesn’t it amaze you how banks just run all over the average Joe? We give them BILLIONS if not TRILLIONS of dollars in bailout and they come back and say more REO money down, NO home equity loans if the property you are getting it on is investment property even if you have it completely paid for and the loan is heavily secured, No we will not allow lenders to have a maximum of 10 loans anymore, it now will be 4, etc, etc, etc.”
I agree with both of you. Some of the listings I see require $2500 or 5-10% whichever is higher for EMD. It’s unbelievable.
You don’t necessarily have to put the earnest money up with the offer, but in most scenarios you have to put it up when the offer is accepted. My buyers agent usually writes the offer with the earnest money showing as received. When we get an offer accepted then I have to put up the earnest money deposit. $1000
As hooch said in another post put a minimum dep.I currently am on my 5th day of waiting for a check from a property($5k)that they cashed only 3 days into my 10 day inspection time.I’m checkin with the board of realtors cause I did’nt think it was legal to put check through until I removed the contengency.The times are evolving,especially for us,stick 2gether guys and share what we can with each other and try to weather the crazy govt spending storm.
Hey sellnbama I’m a add my two cents from something I heard from GURU Lee Carney, He said that he doesnt let the agent handle his EMD, He said that he asks the agent for the escrow companies address and he sends his EMD money to the title co. himself…Now, I dont know if that gives you anymore control over your EMD, but I thought I would share that…